E11-17 (Algo) Determining the Effect of a Stock Repurchase on EPS and ROE [LO 11-2, LO 11-5] Swimtech Pools Incorporated (SPI) reported the following in its financial statements for the quarter ended March 31, 2021. March 31, 2021 $ 43,000 25,800 17,200 $ 86,000 Common Stock, $1 par, 43,000 shares issued and outstanding Additional Paid-In Capital Retained Earnings Total Stockholders' Equity During the quarter ended March 31, SPI reported Net Income of $3,440 and declared and paid cash dividends totaling $3,440. Required: 1. Calculate earnings per share (EPS) and return on equity (ROE) for the quarter ended March 31. 2. Assume SPI repurchases 9,300 of its common stock at a price of $2 per share on April 1, 2021. Also assume that during the quarter ended June 30, 2021, SPI reported Net Income of $3,440 and declared and paid cash dividends totaling $3,440. Calculate earnings per share (EPS) and return on equity (ROE) for the quarter ended June 30, 2021. Complete this question by entering your answers in the tabs below. December 31, 2020 $ 43,000 25,800 17,200 $ 86,000 Required 1 Required 2 Calculate earnings per share (EPS) and return on equity (ROE) for the quarter ended March 31. (Round "Earnings per Share" to 2 decimal places and "Return on Equity" to 1 decimal place.) Earnings per Share Return on Equity
E11-17 (Algo) Determining the Effect of a Stock Repurchase on EPS and ROE [LO 11-2, LO 11-5] Swimtech Pools Incorporated (SPI) reported the following in its financial statements for the quarter ended March 31, 2021. March 31, 2021 $ 43,000 25,800 17,200 $ 86,000 Common Stock, $1 par, 43,000 shares issued and outstanding Additional Paid-In Capital Retained Earnings Total Stockholders' Equity During the quarter ended March 31, SPI reported Net Income of $3,440 and declared and paid cash dividends totaling $3,440. Required: 1. Calculate earnings per share (EPS) and return on equity (ROE) for the quarter ended March 31. 2. Assume SPI repurchases 9,300 of its common stock at a price of $2 per share on April 1, 2021. Also assume that during the quarter ended June 30, 2021, SPI reported Net Income of $3,440 and declared and paid cash dividends totaling $3,440. Calculate earnings per share (EPS) and return on equity (ROE) for the quarter ended June 30, 2021. Complete this question by entering your answers in the tabs below. December 31, 2020 $ 43,000 25,800 17,200 $ 86,000 Required 1 Required 2 Calculate earnings per share (EPS) and return on equity (ROE) for the quarter ended March 31. (Round "Earnings per Share" to 2 decimal places and "Return on Equity" to 1 decimal place.) Earnings per Share Return on Equity
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 23P
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